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Bouchard Nabs Hartree’s $110 Million Offer for Bankruptcy Assets

July 19, 2021, 10:09 PM

Barge operator Bouchard Transportation Co. selected Hartree Partners LP’s $110 million offer as a starting bid for its assets to be sold in bankruptcy auction.

Hartree, an Oaktree Capital affiliate that has provided Bouchard with a $60 million Chapter 11 loan, secured the bidding arrangement on Sunday, according to a court filing with the U.S. Bankruptcy Court for the Southern District of Texas. The offer is subject to challenge by higher, qualified bids.

Under the deal, Hartree is entitled to a $3.3 million break-up fee and up to $1.5 million in professional fee reimbursements if Bouchard ultimately chooses to sell ...